July 27, 2020 (MLN): HinoPak Motors has announced the financial results for the year ended March 31, 2020, as per which, the company has incurred losses of Rs. 2.05 billion (LPS: Rs. 166.71), which is almost 135% higher than the losses incurred in the same period of last year.
Going by the official document submitted by the company, the revenue declined by almost 31%, which caused the gross profits to fall by a whopping 115%. While the company somewhat benefitted from decline in major expense heads and absence of non-core expenses, the decline in non-core income by almost 44% negated any possibility of positive earnings and ultimately resulted in operating losses for the period.
The finance cost showed almost no change, whereas income tax expense fell by almost 40%, providing some respite to the company’s financial position. In addition to this, the company also witnessed a fall in impairment costs by 24%.
Besides the announcement of financial results, the Board of Directors of the company also approved the increase in Authorized Share Capital of HinoPak from Rs. 200 million (20 million shares @ Rs. 10) to Rs. 1 billion (100 million shares @ Rs. 10).
|
Financial Results for the year ended March 31, 2020 (Rupees'000) |
|||
|---|---|---|---|
|
Mar-20 |
Mar-19 |
% Change |
|
|
Revenue from contracts with customers |
13,191,060 |
19,130,839 |
-31% |
|
Cost of sales |
(13,361,471) |
(18,017,525) |
-26% |
|
Gross (loss) / profit |
(170,411) |
1,113,314 |
-115% |
|
Distribution costs |
(351,114) |
(359,595) |
-2% |
|
Administration expenses |
(355,666) |
(378,831) |
-6% |
|
Other income |
82,889 |
147,640 |
-44% |
|
Other expenses |
– |
(1,372) |
|
|
Impairment loss on trade debts and deposits |
(14,917) |
(19,533) |
-24% |
|
(Loss) / profit from operations |
(809,219) |
501,623 |
-261% |
|
Finance cost |
(1,034,779) |
(1,021,797) |
1% |
|
Loss before income tax |
(1,843,998) |
(520,174) |
254% |
|
Income tax expense |
(210,978) |
(353,123) |
-40% |
|
Loss after income tax |
(2,054,976) |
(873,297) |
135% |
|
Loss per share |
-166.71 |
-70.42 |
137% |
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